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The Business Valuation and Litigation Support Group at GYF continues to monitor the national economy as we move through 2020. The effects of coronavirus were felt across the country during
With extraordinarily poor timing, the Treasury Department and the Internal Revenue Service have finally issued guidance (Notice 2020-65) allowing employers to defer certain employee payroll tax obligations for the remainder
On August 24, 2020, The U.S. Small Business Administration (SBA) and Treasury issued an interim final rule addressing Paycheck Protection Program (PPP) forgiveness issues related to owner-employee compensation and the
The Small Business Administration (SBA) and Treasury issued more FAQs related to PPP loans on August 11, 2020. Additional information and links to the FAQs can be found in this
On August 8, 2020, President Donald Trump signed a presidential memorandum to defer payroll taxes through 2020, for individuals making less than $104,000 annually. Mr. Trump’s executive actions, which includes
The Small Business Administration (SBA) has issued Paycheck Protection Program (PPP) Loan Forgiveness FAQs. We will be reviewing this information and will post additional updates highlights related to PPP loan
On July 16, 2020, Governor Tom Wolf announced a new program to aid Pennsylvania employers in providing hazard pay to employees working in “life-sustaining” occupations during the current pandemic. The
Prior to the enactment of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, many taxpayers meeting the specified age criteria were mandated to take annual taxable distributions from their
On July 11, 2020, the U.S. Small Business Administration (SBA) announced the conclusion of the Economic Injury Disaster Loan (EIDL) Advance program, which provided a total of $20 billion in
The Families First Coronavirus Response Act (FFCRA), enacted on March 18, 2020, generally requires employers with fewer than 500 employees to provide paid leave due to certain circumstances related to
The application window has been extended until August 8, 2020, for loans from the Paycheck Protection Program (PPP) created under the Coronavirus Aid, Relief and Economic Security (CARES) Act. Following the original
Pennsylvania’s COVID-19 Relief Statewide Small Business Assistance program is now accepting applications. The first round of applications opened on June 30, 2020, and will be open for 10 business days.
